Prenetics Announces First Quarter 2022 Financial Results After a Successful Listing on the Nasdaq under the Ticker “PRE”

June 13, 2022 | Harbour Times | Portfolio
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Prenetics Global Limited (NASDAQ: PRE) ("Prenetics" or the "Company"), a global leader in genomic and diagnostic testing, today announced its unaudited financial results for the first quarter ended March 31, 2022. The Company recorded strong operational and financial performance driven by solid diagnostics and genetic testing demand, and is on track to achieve revenue guidance for FY2022.  
  • Record first quarter revenue of US$92.0 million, up 60.2% year-over-year 
  • Loss from operation of US$$0.6 million and record first quarter adjusted EBITDA[1] of US$12.7 million
  • At least US$260 million cash from the successful completion of Nasdaq listing and strong balance sheet with zero debt to support both organic and inorganic growth 
  • Significant progress in M&A discussions and geographic expansion 
  • Robust product pipeline with ColoClear to launch on June 8th and Circle Snapshot to launch in July 2022
Danny Yeung, CEO & Co-founder of Prenetics, said "We are thrilled to be releasing our first financial results as a publicly listed company on the Nasdaq. While the overall market remains volatile, our focus has always been to deliver. Our results for the first quarter of 2022 provides a very strong momentum for us. In the coming weeks, we will launch ColoClear, a non-invasive stool DNA test for the screening of colorectal cancer and also Circle Snapshot, a patented, painless, push-button at-home blood test with laboratory test results delivered digitally. In addition, we are making significant progress in M&A discussions globally in the area of telehealth and personalized care which we believe will have significant synergies and provide us the tools needed to build out the World’s first end to end health ecosystem." 
First Quarter 2022 Financial Results
Total Revenues
Total revenues were US$92.0 million, representing an increase of 60.2% from the same period in 2021 and 42.2% from the previous quarter. This uplift was mainly driven by strong demand for the Company’s diagnostics and genetic testing services, including contract awards for provision of COVID-19 testing services granted by the Hong Konggovernment and in the U.K. Prenetics has performed and delivered more than 22 million laboratory and at-home tests globally as of May 2022.
Gross Profit and Gross Margin
Gross profit increased by US$14.1 million, or 64.3%, from US$21.9 million for the three months ended March 31, 2021 to US$36.0 million for the three months ended March 31, 2022. The increase in gross profit was primarily due to the increase in revenue outpacing the increase in direct cost.
Gross margin increased from 38.2% for the three months ended March 31, 2021 to 39.2% for the three months ended March 31, 2022, primarily due to improved cost management in diagnostic testing services.
(Loss)/profit from operations
(Loss)/profit from operations decreased by US$11.5 million, or 105.0%, from profit from operations of US$11.1 millionfor the three months ended March 31, 2021 to loss from operations of US$0.6 million for the three months ended March 31, 2022. The loss was primarily due to increase of non-cash share-based payment associated with an increase in the equity value of the Company.
Adjusted EBITDA and Adjusted Gross Profit (non-IFRS)
Adjusted EBITDA (non-IFRS) was US$12.7 million for the three months ended March 31, 2022, compared with adjusted EBITDA (non-IFRS) US$12.5 million for the same period in 2021. Adjusted gross profit (non-IFRS)[2] was US$36.5 millionfor the three months ended March 31, 2022, compared with adjusted gross profit (non-IFRS) US$22.1 million for the same period in 2021. The increase was mainly due to increased operating efficiencies and scalability of the business.
Cash Balance 
As of March 31, 2022, the Company had cash and cash equivalents of US$34.2 million, compared with US$35.3 millionas of December 31, 2021.
About Prenetics
Founded in 2014, Prenetics is a major global diagnostics and genetic testing company with the mission to bring health closer to millions of people globally and decentralize healthcare by making the three pillars — Prevention, Diagnostics and Personalized Care — comprehensive and accessible to anyone, at anytime and anywhere. Prenetics is led by visionary entrepreneur, Danny Yeung, with operations across 9 locations, including United Kingdom, Hong Kong, India, South Africa, and Southeast Asia. Prenetics develops consumer genetic testing and early colorectal cancer screening; provides COVID-19 testing, rapid point of care and at-home diagnostic testing and medical genetic testing. To learn more about Prenetics, visit